“…..a disposal of assets by their owner where any capital sum is derived from assets notwithstanding that no asset is acquired by the person paying the capital sum…” (emphasis added).

The word ‘owner’ takes its normal meaning of ‘one who owns or holds something’ or ‘one who has the rightful claim or title to a thing’.

For section 22 purposes all that is needed is that the person receiving the capital sum has or used to have beneficial ownership of the asset from which the capital sum was derived.

Example

A claim for compensation in respect of damage to an asset is still outstanding when the asset is sold. The subsequent receipt by the former owner of a capital sum paid as compensation is an occasion of a disposal within section 22(1)(a) TCGA 1992 even though he was not the owner of the asset when the compensation was received.